Business News

The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024. In a new policy statement, Fed officials took explicit account of the fact that […]

The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says the underlying performance of the economy is stronger than the headline figures suggest. It has also questioned the assumptions underpinning the national spending rule. Meanwhile, later today […]

The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new law, many platform workers in Europe could be reclassified as employees and therefore gain access to labour and social protection rights, the parliament said. At least 5.5 […]

The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a 20% rise in the cost of an average damage claim during the year, amid the inflationary environment. It means that on average, damage claim costs have risen […]

The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average interest rate offered on term deposit accounts rose to its highest level in 14 years. At the end of the month, the average rate on new mortgages […]

The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average interest rate offered on term deposit accounts rose to its highest level in 14 years. At the end of the month, the average rate on new mortgages […]

Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential property increased by 2.3% in October compared with a near three-year low of 1.1% two months earlier. Prices had risen by 1.4% in September. Property price growth […]

Retailers are predicting an increase in household spending in the run-up to Christmas, despite cost-of-living pressures and the difficult economic backdrop for many. Retail Ireland, the Ibec group representing the sector, is expecting that on average each household in Ireland will spend €1,019 more during December compared to other months of the year. That represents […]

Grocery sales are expected to exceed €1.4 billion for the first time ever in December, according to the latest predictions from Kantar. New figures from Kantar today show that take-home grocery sales increased by 7.2% in the four weeks to November 26. Kantar noted that shoppers visited stores more often in November, making an average […]

Talks between EU fisheries ministers to finalise quota arrangements for national fishing fleets for 2024 have resumed in Brussels Talks were suspended last night with firm proposals for most stocks but no political sign off. Irish sources report both positive and negative decisions on some of the stocks important to Ireland’s fishers, and also some […]